Mixed-Use Building with
For Sale
$639,900
Pending
197 Lark Street, Albany, NY 12210
Street-level commercial space is combined with three residential units under mixed zoning.
Property Size4,360 SF
Days on Market54
Property Features for 197 Lark Street
General Information
Standard status
Pending
Size
4,360 SF
Total Parking Spaces
2
Zoning
Mixed
Additional Details
Gross Income
$66,600
Taxes and HOA fees
Annual Taxes
$9,021
Amenities
private rooftop access
in-unit laundry
Building Details
Year Built
1880
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Amanda Penrose · License #10401332555
(518) 760-1050
Source:
Capmarkrealty
Added: Aug 13
Changed: Sep 6
Last Checked: Oct 4 at 6:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This 3,160-square-foot mixed-use building, constructed in 1880, combines a street-facing commercial area with three residential units. The commercial portion is approved for a variety of uses and includes existing equipment. Residential accommodations include a 1-bedroom apartment facing Lark St, another unit with skyline views and private rooftop access, and a top-floor residence with 3 bedrooms, 2 full baths, and in-unit laundry.
A rare 2-car garage is accessed from Spring St and can support parking or deliveries. The property is in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park, with the commercial space positioned at street level.
A rare 2-car garage is accessed from Spring St and can support parking or deliveries. The property is in Albany’s Center Square neighborhood, near shops, restaurants, and Washington Park, with the commercial space positioned at street level.
Key Highlights
- 3,160 SF mixed‑use building constructed in 1880
- Street‑level commercial space approved for a variety of uses
- Three residential units, including a 3‑bedroom, 2‑bath top‑floor residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,680
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,053,600
$1.1M
Cap Rate 7%
$752,571
$752.6K
Cap Rate 9%
$585,333
$585.3K
Market Conditions
NOI Build-Up for 4,360 SF
Gross rent
$81.1K $18.60/SF
− Vacancy
−$5.8K −$1.34/SF
EGI
$75.3K $17.26/SF
− OpEx
−$22.6K −$5.18/SF
NOI
$52.7K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,053,600
Cap Rate 7%
$752,571
Cap Rate 9%
$585,333
Alternative Uses
Best Use
Retail
$752.6K
$658.5K – $878.0K
NOI $52,680 @ 7.0% cap · market cap 8.23%
Second Best
Mixed Use
$734.1K
$642.4K – $856.5K
NOI $51,388 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,520 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,402
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is combined with three residential units under mixed zoning.
Where is this mixed-use property located?
The property is located at 197 Lark Street Albany, NY.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: 3,160 SF mixed‑use building constructed in 1880; Street‑level commercial space approved for a variety of uses; Three residential units, including a 3‑bedroom, 2‑bath top‑floor residence
